THE country’s banking and insurance regulator has approved a 60.8-billion-yuan (US$9.67-billion) capital injection for Anbang Insurance Group Co., a government work group said yesterday in a statement on the insurer’s website.

The plan comes after the government seized control of Anbang in February and said its chairman had been prosecuted, highlighting the government’s willingness to curb acquisitive conglomerates as it moves forward with a campaign against risk. The work group was established in February to be responsible for the takeover of the company.

The money will come from a non-government bailout insurance security fund for the insurance industry which will temporarily take a stake in Anbang during the restructuring of its shareholding, the government work group said in yesterday’s statement.

The insurer will start the selection of new private strategic investors as the capital injection takes place, the work group said.

Large private companies in elderly care, health care and fintech are welcome to take part in the restructuring, it said.